According to the latest report by IMARC Group, titled "Cognac Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global cognac market exhibited moderate growth during 2015-2020. Cognac is a premium alcoholic beverage produced by fermenting and double distilling grapes with white wine. It is characterized by a delicate, fruity flavor and is formulated using a variety of grapes, including folle blanche, trebbiano, and colombard grapes. Cognac offers various vital nutrients and antioxidants. Moderate consumption of cognac helps prevent strokes, reduce the risk of cardiovascular ailments, lower the chances of developing cancer, and promote bone health.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cognac Market Trends:
A significant rise in alcohol consumption across the globe represents the key factor driving the cognac market growth. Additionally, the escalating demand for premium alcoholic beverages, especially amongst millennials, is acting as a growth-inducing factor. This is further supported by rising disposable incomes and improved living standards of the population. Moreover, an expansion in the foodservice industry and the introduction of cognac in innovative flavors, such as vanilla, apple, orange zest, honey, and caramel, are positively influencing the market growth. Other factors, including the use of natural and organic ingredients in the formulation process and the establishment of online retail channels, are also contributing to the market growth. Looking forward, the market is expected to grow at a CAGR of 4% during 2021-2026.
- Based on the grade type, the market has been segmented into VS (Very Special), VSOP (Very Special Old Pale), XO (Extra Old), and others.
- On the basis of the distribution channel, the market has been divided into supermarkets and hypermarkets, convenience, liquor, and online stores, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Camus Cognac, Courvoisier S.A.S., KELT International, LVMH Moët Hennessy Louis Vuitton, Maison Delamain, Maison Ferrand, Meukow Co, Pernod Ricard, Remy Cointreau and Thomas HINE & Co. (EDV SAS).
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